no!! =) its a real account
Unearned ravenue is liability account as revenue is not yet earned but cash received.
the doctor, hairdresser and photographer's revenue account name is fees revenue real estate's revenue account name is commission earned
Unearned Revenue is a Liability Account
Unearned Revenue is a liability account.
no!! =) its a real account
Unearned ravenue is liability account as revenue is not yet earned but cash received.
the doctor, hairdresser and photographer's revenue account name is fees revenue real estate's revenue account name is commission earned
Unearned Revenue is a Liability Account
Unearned Revenue is a liability account.
Unearned Service Revenue is a Liability account.
It's a real account. Easy way to remember it is by remembering the accounting formula. Assets= Liabilities+ Capital- Withdrawals+ Revenue- Expenses Withdrawals, Revenue and Expenses are temporary and get closed at the end of the accounting cycle. Since Accumulated Depreciation falls under the Assets account and is a contra asset
Unearned revenue account is classified as current liability as it is the revenue not yet earned by business.
Unearned Service Revenue is a Liability account.
Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
Revenue account
No. A revenue account should always show a credit balance.